Bitcoin’s Price Rejected at $63K as This Altcoin Explodes by 40%: Market Watch
The primary cryptocurrency, which suffered another price decline yesterday (June 23), attempted to reclaim some lost ground, but the recovery was far from convincing.
While numerous altcoins remain in red territory, the lesser-known Audiera (BEAT) has defied the prevailing bearish environment by posting a 40% daily increase.
BTC Fails to Recover
The asset started the business week on the right foot, rising to almost $66,000. However, that pump was short-lived and followed by a pullback to as low as $61,900.
Over the past 24 hours, the bulls tried to step in, briefly lifting the price to nearly $63,000, but the sellers remained active, preventing a more substantial rebound. As of this writing, BTC trades at around $62,600, representing a mere 0.5% increase on a daily scale and a 4.5% plunge for the last week.
It is important to note that the asset’s unsatisfactory performance coincides with the crisis in traditional finance. As CryptoPotato reported, the popular indexes Nasdaq, S&P 500, and South Korean tech stocks headed south after a global sell-off in the Artificial Intelligence (AI) sector.
Meanwhile, the constant outflows from spot BTC exchange-traded funds (ETFs) signal waning interest from institutional investors, which could further weigh on the asset’s short-term performance.
Bitcoin’s market capitalization currently stands at around $1.25 trillion, while its dominance over altcoins remains unchanged at approximately 56.3%.
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How are the Alts Doing?
While today’s (June 24) altcoin landscape isn’t the same bloodbath seen 24 hours ago, plenty of tokens are still suffering steep losses. Worldcoin (WLD) has tumbled by 7%, Kaspa (KAS) has plunged by 5%, whereas Litecoin (LTC) is down 3%.
Audiera (BEAT) is on the opposite corner and stands out as the best-performing cryptocurrency (at least from the top 100 list). Its price has exploded by 40% and now trades at around $2.40. Other notable gainers include JUP (+6%), AVAX (+5%), XMR (+4%), and SUI (+3%).
The total crypto market capitalization has risen by 0.5% over the last day and is currently hovering at roughly $2.34 trillion.
